The is the fifth ship of a series of six Off-shore Patrol Vessels (OPVs) that the Indian Coast Guard had tasked the Vasco defence public sector undertaking to build.

It was launched by the Governor of Goa, Mridula Sinha, in the presence of GSl and ICG officials.

The ICGS Shaurya will be commissioned into service in early 2017.

MOUs

India and Iran reached an agreement for the former to pay Iran $6.4 billion in pending oil payments using European banks.

Oil buyers could not pay Iran owing to the sanctions, which were recently lifted.

Indian refiners were holding 55% of the payments pending to Iran and were depositing 45% with India's UCO bank.

The trade body of Indian IT firms NASSCOM (National Association of Software and Services Companies) has signed a MoU with Social network giant Facebook to build a product design initiative for Indian entrepreneurs.

The NASSCOM-Facebook initiative seeks to catalyse the innovation ecosystem and to help design thinking in India.

Business & Economy

ICICI Bank has became the first financial institution in the country to tie up with the BRICS (Brazil, Russia, India, China, South Africa) Grouping-promoted New Development Bank (NDB).

The two banks signed a memorandum of understanding (MoU) to consider each other as “preferred” partners for collaboration in bond issuances, co-financing, treasury management and human resources.

India’s largest lender State Bank of India (SBI) has launched a mobile-based payments solution ‘mVisa’.

The application will enable users to make payments from their smartphones by scanning a unique QR (Quick Response) code at merchant outlets.

In its first phase, the service has been introduced in Bangalore and will be rolled out in other cities gradually.

The Lok Sabha has passed the Insolvency and Bankruptcy Code, 2016 which aims at consolidating and amending laws related to reorganization and insolvency resolution in a timely manner.

The Pune International Sports Expo, which is scheduled to run until​ May 8, will showcase various products and modern technologies for fitness and sports by Indian and multinational brands.

The expo will also feature talks by sportspersons including Zaheer Khan, Sunil Chettri and Milkha Singh among others.

The Indian Women Shooters team of Sanjana Sehrawat, Chinki Yadav and Gauri Sheoran won the bronze medal in the 25m Pistol event at the International Shooting Sport Federation's Junior World Cup in Germany.